teran_realtor
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Not legally. RESPA does not allow for residential lenders to pay a referral fee to ANYBODY. If you are getting a commercial loan, that would be a different story.
There are undoubtedly loan officers that DO give kickbacks, or pay for Realtor's advertising or car payment or some other such scheme.... but it is against the law (in all states in the USA). |
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glenn
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I have been a full time Real Estate broker for 29 years and never gotten a cut or fee for referring anyone to a loan officer or title company or repair person or inspector.
I am getting paid to be your Realtor and represent your best interest. To me it would seem a conflict of interest to steer you to someone and get a kick back for that. |
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michiganted
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It is absolutely, positively a RESPA violation and a federal offense. No reputable realtor or loan officer should need to resort to doing so. |
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islay missed
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YES, thats not an opinion its a FACT ! |
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godged
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I haven't, nor have I heard about it happening.
I did receive a small plant from a lender once for going the extra mile on a particularly challenging transaction. I wouldn't consider that a "cut" or "percentage".
I refer my clients to a particular lender because that lender gets the clients to the closing table. That is how I get paid, not by the lender. |
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Bob
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I know my realtor had to disclose to me that they had a relationship with a certain mortgage company and did get a fee for recommendations. This probably is a state by state regulation ( I am in NJ) |
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Albert N
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that's funny, i just came across the answer to this on this site. check it out! |
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Alterfemego
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I don't take referral fee's from lenders, it doesn't seem right. Besides you have to disclose all referral fee's to all parties to the transaction. |
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pearlmel
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yes i never recomend doing bussiness with the agents contact. the broker or lender will bump up the fees tro make what he wants and still give a spiff to the agent.
although there are laws against it in some states there are still loopholes in the laws that they work around. |
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florida gal
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I suppose they could if an arrangement has been made with the mortgage company. But most of the time, they just make referrals to companies they've worked with in the past and have had smooth closings. |
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